WEX Inc. names Melissa Smith president
File photo/TIM GREENWAY
Melissa Smith is the new president of the South Portland-based WEX. She was previously WEX's president of the Americas, the company's largest division.
WEX Inc.'s longtime President and CEO Michael E. Dubyak today announced that Melissa D. Smith, 44, has been appointed the company's president as part of a planned leadership succession plan that will culminate in her assuming the additional role of CEO on Jan. 1, 2014.
Smith, who joined WEX in 1997, most recently served as president of The Americas, a position created in 2011 that put her in charge of 85% of the company's business at that time. Dubyak, 62, will remain chairman and CEO during the transition period and will move into the newly created role of executive chairman of the board on Jan. 1.
"I have had the pleasure of working closely with Melissa for the past 16 years," Dubyak said in a prepared statement. "During that time, she has excelled in various positions of increasing responsibility across all areas of the company and has established a proven track record of leadership … Her experience and domain expertise uniquely positions her to continue to drive the company's momentum forward."
In a brief telephone interview with Mainebiz this morning, Dubyak described Smith as a "confidante" who has played key roles in taking the company public in 2005 and in WEX's increasingly global expansion beyond its core fleet card business.
Smith, one of five "Women to Watch" business leaders honored by Mainebiz in 2012, says she's excited to be assuming a greater leadership role at a time of diversification and growth for WEX. As president, Smith will be responsible for the day-to-day operations of WEX on a global basis. During the transition period, she will work closely with Dubyak overseeing strategic initiatives and planning for 2014 and beyond, which she will develop and manage.
"We want to make sure the company is here 20 years, 40 years from now," she says.
Today's announcement accompanied the company's first quarter earnings statement, which reported a better-than-expected 18% increase in revenues, from $140.1 million to $165.4 million, compared to the first quarter of 2012. Net income to common shareholders on a GAAP basis was $28.7 million, or $0.73 per diluted share, compared with $23.2 million, or $0.59 per diluted share, for the same period last year.
The company anticipates revenues for fiscal year 2013 to be in the range of $716 million to $736 million. Dubyak attributes the company's continuing growth to strategic acquisitions, such as its purchase of Fleet One last October, and its expansion within the Asian-Pacific Rim, Brazil and European markets as a result of investments in WEX Travel, its virtual payment solution for the travel industry.
Founded in 1983, WEX and its subsidiaries have more than 1,300 employees.
Read more
Most Recent
Most Recent
Comments